The Nigeria Naira continued its slide on Wednesday, dropping to 390 against the USD at the parallel market as foreign exchange scarcity persisted. Naira, which dropped to 382 against the United States dollar on Monday down from the 380 on Friday, had been little-changed on Tuesday, hovering between 381 and 382. A bureau de change operator […]
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The nation’s external reserves fell marginally to $26.20bn on July 28, down from $26.32 on July 22, data from the Central Bank of Nigeria’s website showed on Monday. Month-on-month, the reserves fell by 0.4 per cent from the $26.34bn recorded on June 29, the report indicated. The foreign exchange reserves stood at $26.42bn on May […]
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The Minister of Finance, Mrs. Kemi Adeosun, will on Wednesday meet the World Bank to finalise Nigeria’s “policy support document” needed to complete its application for funds to help plug the $11bn budget deficit. “What was delaying (budget support loans) was a lack of flexibility in the exchange rate which we now have that,” the […]
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The Port Harcourt Electricity Distribution Company has said it loses over seven million kilowatt-hour, an equivalent of over N238bn, to direct electricity theft a month. In a report by Punchng, the Head, Revenue Protection Department, PHED, Mr. Nsika Udi, said on Friday during Consumers’ Forum that the direct tapping of energy, besides meter bypass, illegal […]
Read More Flour Mills of Nigeria Plc on Friday announced a profit of N14.42 billion for the financial year ended March 31, 2016. This was in contrast with N8.47 billion recorded in 2015. The report is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) in Lagos. The profit represented a growth of N5.95 […]
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Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Thursday declared that the 2016 national budget was grossly impacted by the vandalism of crude oil pipelines in the Niger Delta region, resulting in a loss of N51.3bn, report by Punchng. Baru also appealed to the military to help secure critical oil and gas […]
Read More The Nigeria Naira weakened against the USD from 294.37 at the interbank market on Wednesday to 310.43 on Thursday, crossing the 300 mark for the first time at the interbank market after the Central Bank of Nigeria floated the naira. The naira fell by 5.4 per cent against the greenback to 309 at 1224 GMT […]
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There was confusion in the market yesterday as the Naira slumped to a new low in both the official and parallel markets, exchanging at N292.90 and N373 to the Dollar respectively. In a report by The Nation, local currency however closed at 292.90 to the dollar on the interbank rate after just one transaction was […]
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The Federal Government spent a total of N446.44bn to service the nation’s domestic and external debts between January and April this year, figures obtained from the Federal Ministry of Finance have revealed. In a report by Punchng, the figures are contained in the Consolidated Income and Disbursement Account of the Federal Government for the first […]
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Skye Bank Plc’s ‘Reach for the Skye’ Millionaire promo season one has produced 36 millionaires nationwide. In celebration of this landmark achievement, the bank yesterday hosted a cross-section of the promo-made millionaires in Lagos. The event was part of the activities to mark the successful conclusion of the first phase of the promo. The millionaires […]
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The Senate on Monday took a swipe at the Central Bank of Nigeria and beneficiaries of the N120bn released to the aviation sector out of the N500bn intervention fund for the power and the Small and Medium-scale Enterprises sectors in 2011. According to Punchng, The Senate Committee on Aviation and Anti-Corruption, at a public hearing, […]
Read More The Nigeria naira plunged by 31 per cent to 288.85 against the United States dollar on Monday at the close of trading at the newly established interbank market, reports by Punchng. The local currency also depreciated at the parallel market where it closed at 346 to the greenback, down from around 330 and 335 on […]
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